Interim Results

Piccadilly Growth Trust Plc
8 January 2001


                         PICCADILLY GROWTH TRUST PLC                          
                PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS                 


The Directors announce the unaudited statement of results for the period ended
31 October 2000 as follows:

SUMMARISED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) FOR
THE PERIOD ENDED 31 OCTOBER 2000
                                       1 May 2000              1 May 1999
                                     to 31 Oct 2000          to 31 Oct 1999

                              Revenue Capital  Total  Revenue Capital  Total
                               £'000   £'000   £'000   £'000   £'000   £'000

(Losses)/Gains on investments      -     (97)    (97)      -    (171)   (171)
Exchange loss on Capital items     -     (58)    (58)      -      (5)     (5)

Income
 - dividends and interest        170       -     170     139       -     139

Investment management fee          -     (83)    (83)      -     (69)    (69)

Other expenses                   (43)      -     (43)    (36)      -     (36)
                                 ---     ---     ---     ---     ---     ---

Net return on ordinary
activities before finance        127    (238)   (111)    103    (245)   (142)
costs and taxation               ---     ---     ---     ---     ---     ---  
                                 
Interest payable and    
similar charges                   (2)    (70)    (72)      -     (32)    (32)
                                 ---     ---     ---     ---     ---     ---

Return on ordinary               
activities before tax            125    (308)   (183)    103    (277)   (174)

Tax on ordinary activities       (14)      -     (14)    (23)      7     (16)
                                 ---     ---     ---     ---     ---     --- 
Return on ordinary                                                           
activities after 
tax for the period               111    (308)    (197)    80    (270)   (190)

Dividends in respect 
 of equity shares                (82)      -      (82)   (74)      -     (74)
                                 ---     ---      ---    ---     ---     --- 
Transfer to/(from) reserves       29    (308)    (279)     6    (270)   (264)
                                 ===     ===      ===    ===     ===     === 
Return per                      1.35p  (3.74)p  (2.39)p 0.97p  (3.27)p (2.30)p
Ordinary Share                  ====    ====     ====   ====    ====    ====


*  The revenue column of this statement is the revenue account of the Company.

SUMMARISED BALANCE SHEET:
as at 1 October 2000
                                               As at              As at
                                     30 October 2000    30 October 1999 
                                               £'000              £'000
Fixed assets                                                    
Investments                                   14,491             10,413 

Net current (liabilities)                     (2,363)            (1,231)
                                              ------              -----

Net Assets attributable                       12,128              9,182
to ordinary shareholders                      ======              =====

Current period (revenue)                         (29)                (6)
                                              ------              -----

Total net assets for the purpose 
of calculating the Net Asset Value
per Ordinary Share                            12,099              9,176
                                              ------              -----
                                                      
                                                                              
Net asset value per ordinary share            146.75p            111.31p 
                                              ======             ======


SUMMARISED STATEMENT OF CASH FLOWS
                                            1 May 2000          1 May 1999
                                       to 30 October 2000  to 30 October 1999
                                               £'000              £'000

Net cash inflow from                              20                 16
 operating activities

Servicing of finance
Loan interest paid                               (73)               (32)
                                              ------             ------
Net cash (outflow) from servicing                (73)               (32)
 of finance                                   ------             ------

Tax paid                                           -                (13)
                                              ------             ------
Capital expenditure and financial
 investment
Purchase of listed investments                 (1371)              (852)
Sale of listed investments                      1122                826
Realised exchange losses on                        -                 (5)
 settlement                                   ------             ------

Net cash (outflow) from                         (249)               (31)
 capital expenditure and                      ------             ------
 financial investment

Equity dividends paid                            (82)               (74)
                                              ------             ------
Financing
Amounts drawn under revolving                    300                125
 credit facility                              ------             ------

Net cash inflow from financing                   300                125
                                              ------             ------
(Decrease) in cash flow                          (84)                (9)
                                              ======             ======


The above financial information does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985.  The
comparative financial information is based on the statutory financial
statements for the period ended 30 April 2000. Those financial statements,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.

The financial statements have been prepared applying accounting policies and
standards adopted at the previous year end, with the exception of income which
has been calculated with the recently issued Financial Reporting Standard
No.16: Current Taxation. The comparatives have been restated to reflect this
change.

Chairman's Interim Statement:

The six-month period to 31st October 2000 has been disappointing with the
Piccadilly portfolio under-performing the benchmark. The asset value of your
trust declined by 2.5% compared to an increase of 1.5% in the benchmark FT S&P
Europe (£) Index. It is disappointing to have to record an under-performance
but I am comforted by knowing that the figures since launch remain above
benchmark (+58.7% compared with +32.9%). 
Your directors are pleased to declare an interim dividend of 1.0p net, an
increase of 0.1p over last year. In the absence of unforeseen circumstances we
expect to recommend a final dividend equal to last year's 1.0p net. These
dividends will be paid at the end of February and August 2001 respectively.
Having made a satisfactory start to our financial year, the under-performance
occurred in the second quarter. The reasons for this were given in the
Manager's quarterly report, which was circulated to shareholders soon after
the end of the period. The report also contains details of the largest
investments together with country and sector analyses. If you have not
received this and would like a copy, please contact our manager, Malcolm King
at J.O. Hambro Capital Management on 020 7747 5678.
We continue our informal discussions with a private company and may make an
offer in the near future. If this does occur we will be inviting one of their
board to join us, which will resolve the issue of independent directors
outlined in my previous statement.
The board has agreed a further increase in the managers borrowing limit from
£2.0m to £2.4m. This still remains well within the 25% limit required under
the borrowing agreement.
We are now releasing a weekly asset value to the stock exchange. This has
coincided with the share price trading at a rather more stable and reduced
discount, which was one of the reasons behind taking the action.
This report is very similar to the last interim report I wrote. In fact,
looking back at our performance since quotation, we seem to perform very well
in the second half of our financial year and then give a little of the
out-performance back in the next first half. This may be because European
markets have tended to perform strongly through the winter and go to sleep in
the summer. With our bias towards growth companies and our gearing we tend to
perform better in rising markets. Hopefully this pattern will continue and I
will be reporting better performance over the next six months.



                     ...........................
                      Peter Metcalfe (Chairman)
                           8 January 2001